Highlights A novel risk-based fleet management system is presented. We propose a recursive dynamic risk measure. We study how clustering affects risk management. A case study for a large UK based firm is investigated.
Abstract We study the fleet portfolio management problem faced by a firm deciding which alternative fuel vehicles (AFVs) to choose for its fleet to minimise the weighted average of cost and risk, in a stochastic multi-period setting. We consider different types of technology and vehicles with heterogeneous capabilities. We propose a new time consistent recursive risk measure, the Recursive Expected Conditional Value at Risk (RECVaR), which we prove to be coherent. We then solve the problem for a large UK based company, reporting how the optimal policies are affected by risk aversion and by the clustering for each type of vehicle.
Recursive expected conditional value at risk in the fleet renewal problem with alternative fuel vehicles
Tramsportation Research, Part C: Emerging Technologies ; 65 ; 156-171
2015-12-20
16 pages
Aufsatz (Zeitschrift)
Elektronische Ressource
Englisch
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